Great Wall Motor shares fell sharply after reporting lower vehicle sales for May.
The company’s Hong Kong-listed shares were down 9.65% at 12.36 Hong Kong dollars (US$1.58) on Tuesday morning, on track for their biggest one-day drop in more than two years. Great Wall Motor’s China-listed shares were 3.0% lower in Shanghai.
The Hebei, China-based company said late Monday that it sold 91,460 vehicles in May, falling 9.5% from a year earlier and 3.5% below the April figure.
Sales for the first five months reached 461,589 units, or 23% of its annual target of 1.9 million to 2.0 million vehicles.
Great Wall Motor exported 34,477 cars to overseas markets in May.
As the stock has jumped more than 50% since April, any data coming in below expectations would result in significant pullback pressure, CCB International analyst Qu Ke said.
Great Wall Motor is facing intensifying competition, with most of its electric-vehicle peers in China reporting higher monthly sales for May, including some that broke monthly sales records.
BYD maintained its top position, selling 331,817 units last month, while Geely delivered 160,658 units, up 38% from a year ago.